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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

BTCS Crypto Portfolio Expands Over 280% in Q2 2020 Amid COVID-19 Pandemic

BTCS Crypto Portfolio Expands Over 280% in Q2 2020 Amid COVID-19 Pandemic

While many institutions struggled to recover from the market downturn experienced in March, publicly traded, blockchain focused firm BTCS Inc. (OTCQB: BTCS) has increased its portfolio by 285% in Q2 2020, through well timed investments in both Bitcoin (BTC) and Ethereum (ETH), and crossed the $1 million mark for cryptocurrency asset under management (AUM).

Following the positive growth performance seen in Q2 2020, BTCS is reportedly eyeing further growth and systemic diversification of its cryptocurrency holdings. However, BTCS says its investment strategy will only focus on cryptocurrencies which it believes are not securities.

Timely Crypto Purchasing Catapults BTCS Portfolio Valuation

At the end of June 2020, the BTCS crypto portfolio stood at a total value of $1.02 million with sizeable positions in BTC and ETH. Having elected not to add further investments to its portfolio, BTCS navigated the massive decline in cryptocurrency prices seen in mid-March.

With the World Health Organization (WHO) classifying the coronavirus as a pandemic on March 11, panic spread through both the crypto and broader financial space. By the following day, both markets were seeing a cascade of forced selloffs as traders sought liquid cash in preparation for the inevitable lockdowns.

By holding off from adding to its crypto investments during the first quarter of 2020, BTCS safeguarded its balance sheet from the decline seen on Black Thursday. Bitcoin fell to $3,867 in a matter of hours as token selloffs triggered forced liquidations across several derivatives exchanges including BitMEX. The entire crypto market capitalization even shrank by about 50%.

During Q2 2020, BTCS added 33.7 BTC and 1,319.6 ETH to its crypto holdings. In total, the company’s cryptocurrency exposure rose to 54.3 BTC and 2,304.6 ETH.

Since March 12, Bitcoin is up almost 150% with its Q2 performance standing at 50%. In U.S. Dollar (USD) terms, BTCS’ crypto holdings grew, primarily from accumulation, from less than $300 thousand at the end of the first quarter of 2020 to over $1 million by the end of Q2 2020, representing a 285% increase.

Portfolio Diversification and other Future Plans

Having successfully navigated the pitfalls in the crypto market during the first half of 2020, BTCS is reportedly looking towards expanding its cryptocurrency portfolio. However, given the mixed fortunes of other institutions since the onset of COVID-19, BTCS says it will adopt a carefully measured approach to its portfolio diversification plans.

BTCS is also looking to acquire controlling interests in businesses in the blockchain industry. Recent reports by Deloitte and LeadBlock point to increasing enterprise adoption of the novel with over a third of organizations across the world utilizing the emerging technology in their operations.

Contact Email Address
alexandra@epicmegacorp.com

Supporting Link
http://btcs.com/index.php


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post BTCS Crypto Portfolio Expands Over 280% in Q2 2020 Amid COVID-19 Pandemic appeared first on Bitcoin News.



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